A Statutory Audit is compulsory be law to check accuracy of Companies financial records. The Moto of conducting a statutory audit is to check compliance’s part, check books of accounts are in line with law, review to determine that the financial records of company are in line with the law of land and disclosure made by company is fair and enough. The term Statutory Audit denotes that same is required by law. Audit is conducted to determine that financial records are prepared as per law like funds were handled correctly , taxes calculation done correctly etc.